$LMRI

Lumexa Imaging Holdings, Inc.

CIK:0002071288|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES:
Revenues	$ 264,162	$ 251,402	$ 516,699	$ 496,403
OPERATING EXPENSES:
Cost of operations, excluding depreciation and amortization	225,285	212,265	443,040	420,662
General and administrative expenses	24,397	18,689	44,732	36,181
Depreciation and amortization	10,083	9,279	20,005	18,330
Loss (gain) on disposal of property and equipment	(24)	16	113	(146)
Total operating expenses	259,741	240,249	507,890	475,027
Equity in earnings of unconsolidated affiliates	18,619	16,527	33,643	31,845
INCOME FROM OPERATIONS	23,040	27,680	42,452	53,221
OTHER EXPENSES:
Interest expense	16,222	30,097	32,553	59,946
Loss on extinguishment and modification of debt	1,053	0	1,053	0
Total other expenses	17,275	30,097	33,606	59,946
INCOME (LOSS) BEFORE INCOME TAXES	5,765	(2,417)	8,846	(6,725)
Income tax provision	3,020	4,809	4,384	8,188
Net income	$ 2,745	$ (7,226)	$ 4,462	$ (14,913)
NET LOSS PER SHARE:
Weighted average shares outstanding: Basic	95,983,246	69,526,574	95,983,240	69,524,980
Weighted average shares outstanding: Diluted	96,039,426	69,526,574	96,011,335	69,524,980
Net income (loss) per common share : Basic	$ 0.03	$ (0.1)	$ 0.05	$ (0.21)
Net income (loss) per common share : Diluted	$ 0.03	$ (0.1)	$ 0.05	$ (0.21)
Patient Service Revenue
REVENUES:
Revenues	$ 194,902	$ 189,347	$ 383,894	$ 373,564
Patient Service Revenue Related Party
REVENUES:
Revenues	8,833	8,838	17,159	16,919
Management and Other Revenue
REVENUES:
Revenues	8,708	4,822	14,385	10,145
Management Fee and Other Revenue Related Party
REVENUES:
Revenues	$ 51,719	$ 48,395	$ 101,261	$ 95,775

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 2,745	$ 1,717	$ (7,226)	$ (7,687)	$ 4,462	$ (14,913)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	10,083		9,279		20,005	18,330
Amortization of operating lease right-of-use assets					7,956	7,424
Amortization of debt issuance costs					1,437	2,871
Amortization of cloud computing implementation costs					760	184
Write-off of debt issuance costs related to extinguishment of debt					46	0
Equity in earnings of unconsolidated affiliates	(18,619)		(16,527)		(33,643)	(31,845)
Distributions from investments in unconsolidated affiliates					36,869	32,820
Loss (gain) on disposal of property and equipment					113	(146)
Deferred income taxes					2,820	1,477
Stock-based compensation					25,011	14,720
Other					(535)	0
Changes in operating assets and liabilities:
Accounts receivable					(7,695)	(6,870)
Accounts receivable, related party					(1,131)	(2,035)
Capitalized cloud computing implementation costs					(1,647)	(1,421)
Other receivables					(12,537)	(5,410)
Prepaid expenses					3,034	(7,028)
Other assets					(4,723)	(11,311)
Accounts payable					(18,596)	1,214
Accrued expenses and other current liabilities					18,085	(11,002)
Other liabilities					3,798	7,018
Operating lease liabilities					(8,156)	(5,966)
Net cash provided by (used in) operating activities					35,733	(11,889)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale or disposal of property and equipment					40	713
Acquisition of intangible asset					(600)	0
Purchases of property and equipment					(14,985)	(5,602)
Contributions to investments in unconsoldiated affiliates					(3,366)	0
Net cash used in investing activities					(18,911)	(4,889)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of third-party debt issuance costs					(154)	0
Proceeds from long-term debt					9,536	496
Payments of long-term debt					(8,393)	(7,821)
Proceeds from revolving line of credit					0	5,000
Payments of finance lease liabilities					(6,602)	(2,998)
Capital contributions					0	715
Repayments on accounts receivable pledging arrangement					(332)	0
Net cash used in financing activities					(5,945)	(4,608)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					10,877	(21,386)
CASH AND CASH EQUIVALENTS, beginning of period		$ 58,828		$ 26,131	58,828	26,131	$ 26,131
CASH AND CASH EQUIVALENTS, end of period	$ 69,705		$ 4,745		$ 69,705	$ 4,745	$ 58,828

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

ASSETS

Cash and cash equivalents

$ 69,705

$ 58,828

Other receivables

31,552

19,015

Prepaid expenses

14,498

17,582

Total current assets

256,416

227,260

Property and equipment, net of accumulated depreciation

156,062

144,709

Operating lease right-of-use assets

77,033

76,555

Investments in unconsolidated affiliates

423,331

423,191

Intangible assets, net of accumulated amortization

39,722

41,335

Goodwill

807,554

Other assets

48,654

43,953

Total assets

^[1]

1,808,772

1,764,557

LIABILITIES AND EQUITY

Accounts payable

27,062

44,857

Accrued expenses and other current liabilities

109,167

95,561

Accounts receivable pledging arrangement

1,267

1,599

Current portion of long-term debt

14,330

13,112

Current portion of finance lease liabilities

14,597

11,552

Current portion of operating lease liabilities

11,932

12,513

Total current liabilities

178,355

179,194

Long-term debt, less current maturities

819,753

819,029

Long-term finance lease liabilities, less current maturities

41,177

33,262

Long-term operating lease liabilities, less current maturities

72,296

71,437

Deferred income taxes

43,592

40,772

Other liabilities

38,538

34,740

Total liabilities

^[1]

1,193,711

1,178,434

COMMITMENTS AND CONTINGENCIES (Note 9)

EQUITY:

Common stock, $0.001 par value, 1,000,000,000 shares authorized, 96,074,976 shares issued and outstanding at June 30, 2026 and 96,109,927 shares issued and outstanding at December 31, 2025

Additional paid-in-capital

1,241,563

1,217,087

Accumulated deficit

(626,598)

(631,060)

Total equity

615,061

586,123

TOTAL LIABILITIES AND EQUITY

1,808,772

1,764,557

Nonrelated Party

ASSETS

Accounts receivable

120,637

112,942

Related Party

ASSETS

Accounts receivable

$ 20,024

$ 18,893

[1]

The Company’s condensed consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”), that can only be used to settle obligations and liabilities of the VIE and for which creditors do not have recourse to the primary beneficiary (Lumexa Imaging Holdings, Inc.). As of June 30, 2026 and December 31, 2025, total assets of consolidated VIEs consisted of accounts receivable of $60,623 and $49,560, respectively; accounts receivable, related party of $3,094 and $5,811, respectively; prepaid expenses of $1,111 and $1,502, respectively; other receivables of $5,482 and $4,463, respectively; property and equipment, net of accumulated depreciation of $18,173 and $17,669, respectively; operating lease right-of-use assets of $10,457 and $9,541, respectively; goodwill of $101,802 and $101,802, respectively; investments in unconsolidated affiliates of $54,020 and $54,087, respectively; and other assets of $23,356 and $21,554, respectively. As of June 30, 2026 and December 31, 2025, total liabilities of consolidated VIEs consisted of accounts payable of $349 and $373, respectively; accrued expenses and other current liabilities of $18,662 and $18,150, respectively; current portion of operating leases of $1,721 and $1,647, respectively; other liabilities of $28,296 and $25,724, respectively; and long-term operating lease liabilities, less current maturities of $9,302 and $8,492, respectively. See Note 10 “Variable Interest Entities” for further discussion.